Will Cheese Break $1.80 Plateau?
Small trading volume took place to kick off the week on Monday in product and milk markets. Butter dropped 3 1/4 cents to $2.27 per pound. Grade A nonfat dry milk finished unchanged at 75 cents per pound.
Cheddar blocks and barrels both gained a half cent. Blocks moved to $1.75 while barrels closed at $1.71 per pound. Blocks and barrels will be markets to watch in the coming days and weeks ahead as the range between $1.75 and $1.80 per pound has been a tough area to breach. In fact, $1.80 cheese hasn't been witnessed in 2017 thus far.
Class III milk futures were up 11 cents in November and 16 cents in December. First quarter 2018 made gains of 14 to 19 cents while second quarter prices closed unchanged. 3rd quarter prices traded 2 to 3 cents higher and declined 1 to 2 cents in the fourth quarter. The 1st have of 2018 closed Monday at an average price of $15.57 while the full year is offering $15.84 per cwt. Class IV milk markets dropped 5 cents in November and 6 cents in December. January 2018 declined 7 cents but was the only month to trade.